"Holderbank" invests in cement grinding station in Gaza



"Holderbank" Financière Glaris Ltd. ("Holderbank"), in association with Palestinian and Egyptian partners, will build a cement grinding station (Palestine Cement Company) in the vicinity of the future port of Gaza in Palestine, subject to final approval by the relevant local authorities.

Holderbank" and its Egyptian partner Orascom Construction Industries will together own, through a joint venture, a 50.1 percent stake in the Palestine Cement Company. The two other shareholders will be Palestine Commercial Services Company (a publicly-owned company), with 45 percent, and Consolidated Contractors Group (a major construction group based in Athens), with 4.9 percent.

The objective is to build a cement grinding station with a minimum capacity of 750,000 tonnes of cement per year, using state-of-the-art technology and complying with stringent environmental regulations, to supply the Palestinian cement market, mostly in the Gaza Strip. This grinding station should be operational in mid-2001.

With majority and minority interests in over 60 countries on all continents, "Holderbank" is one of the world's leading suppliers of cement, as well as aggregates (gravel and sand), concrete and construction-related services.